US Carbon Removal Technology Market to Reach $2.5 Billion by 2035, Driven by DAC and BECCS Growth
openpr.comA new report from DataM Intelligence projects the U.S. carbon removal technology market will grow from $840 million in 2025 to nearly $2.5 billion by 2035, a compound annual growth rate of 14.6%. Direct air capture (DAC) leads with 29% market share, followed by afforestation and reforestation at 24%, and bioenergy with carbon capture and storage (BECCS) at 18%. The report covers key players like Climeworks, Carbon Engineering, Occidental Petroleum, and Heirloom, along with recent M&A activity including SLB's stake in Aker Carbon Capture and Microsoft's investments in carbon removal developers. Recent developments highlight growing corporate and government interest in carbon removal. Occidental Petroleum expanded its DAC program with zinc-based sorbents, Heirloom raised funds for mineral-based capture, and Verdox scaled electrochemical technology. In Japan, Mitsubishi Heavy Industries and Kawasaki Heavy Industries are advancing metal-based carbon capture materials. The report segments the market by technology, with direct air capture holding 29% share, afforestation and reforestation at 24%, and BECCS at 18%. Ocean-based removal and biochar are smaller but growing segments. The data suggests a maturing market with increasing M&A activity and corporate offtake agreements.